The Department of Commerce is organising “Audit Shark Tank: Defend or Challenge”, an experiential learning activity conducted as part of CIA 1 – Part 2 for students of Audit and Assurance. The activity is designed to move students beyond theoretical understanding by placing them in a simulated professional audit review environment where they must analyse realistic audit situations, evaluate evidence, identify risks, and take reasoned positions on management claims, transactions, control weaknesses, ethical concerns, and audit conclusions.

Students will present and defend their audit judgement before an Audit Review Panel, where they will respond to structured questions and challenges. Their arguments must be supported by relevant audit evidence, professional scepticism, ethical principles, and logical reasoning. The activity will help students distinguish between audit risk, red flags, misstatements, control deficiencies, and proven fraud, while also strengthening their understanding of the sufficiency, appropriateness, and reliability of audit evidence.

Through this role-play, students will develop critical thinking, analytical reasoning, professional communication, decision-making, teamwork, and confidence in defending evidence-based audit conclusions. The activity also enhances employability by familiarising students with professional audit discussions, review meetings, and judgement-based decision-making in realistic business settings.